Shares of AK Steel reached a new 52-week high of $8.58 on July 3rd, eclipsing its previous high of $8.55. The stock retraced to end the trading session at $8.42 last week.
The steelmaker has seen its shares skyrocket roughly 176% over a year.
After two changeless days, the spot price of the US HRC futures contract closed at $668.00 per short ton on Tuesday, July 8. The 3-month price of the US HRC futures contract held steady around $638.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.38) and a low price of CNY 830.00 ($133.77) per dry metric ton. Chinese HRC saw little change in its price on Tuesday at CNY 3,390 ($546.37) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($224.03) per metric ton.
The cash price of steel billet held steady yesterday on the LME, remaining around $395.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $400.00 per metric ton.